Replacing a 370 expiring today. Selling against next week’s 377.5 put.
Sold REGN OCT 28 2016 372.5 Call @ 4.00
Author Archives: fuzzballl
NFLX puts
Replacing expiring position with next week. Selling against longer term short calls…
Sold NFLX OCT 28 2016 122.0 Puts @ 2.00
IBM puts
Replacing some that are expiring this week.
Sold IBM OCT 28 2016 152.5 Puts @ 1.50
Looking to roll some 149 calls out and up also…
EBAY earnings
Tony V brought me down…LOL Instead of messing around rolling the puts I’m taking the stock so:
Sold EBAY NOV 4 2016 29.0 Calls @ 0.91
Guess he’s making up for the huge BBY winner last time around…goal is to get out of EBAY as quickly as possible. Stayed small just for this reason…in case I had to buy the stock.
Daily Theta %
Do you guys ever look at daily theta as a percentage of net liq? TT recommends anything up to close to 1 percent on the high end with maybe one-fourth to one half of one percent as more normal. Checked mine and I’m at .46 of 1 percent…so just under one half of one percent. Seems reasonable I guess…feels like I could go higher but like having a nice cushion. These percentages according to TT should be attainable with only about a third of your account in the market at any time. I’ve never paid much attention to it but starting to watch it a little now.
EBAY
Sort of following Tony V. Bought 33/34 call spreads and financed by selling 30.5 puts for .07 credit
CMG calls
Tried getting sneaky yesterday and sold next week’s call a little early. Of course, Raymond James downgrades the stock with about a 275 price target and it immediately rallies 11 dollars. TT is right…those analysts are clueless and have no idea. I’m guessing Raymond James wanted to buy it so they tried downgrading it…LOL
I don’t want 2 of these so I : Bought to Close CMG OCT 21 2016 405.0 Call @ 3.20
I’ll take that out of the 8.50 received yesterday for the early sale and call it a 5.30 credit roll…LOL
NFLX adjustment
According to John Carter, when a stock gaps up big on earnings like NFLX did, it tends to keep going for awhile (not sure if that’s true but seems reasonable).
After seeing his free video on this yesterday afternoon, I rolled my 115 puts up to 120 for Friday @ another 1.65 credit. This morning I rolled the 115 calls leftover from earnings out to Dec 4th 120’s for .05 debit. I’ll continue selling weekly puts against those…
CMG short call
This week’s 405 looks pretty safe. Selling next week.
Sold CMG OCT 28 2016 410.0 Call @ 8.50
Earnings next week and with an ITM 430 put figured I better sell an aggressive call to help out. Could go anywhere when they announce.
IBM adjustment
Similar to NFLX….
Original position was 149/160 strangles @ 2.19. Sold weekly 149 calls @ 1.01 replacing the worthless 160 calls.
New position is 149 straddles @ 3.20. And now we wait and let theta do it’s job!
NFLX adjustment
Tied up on an airplane this morning (not literally…LOL). Taxiing in right at the open made a couple adjustments.
Trade was originally 90/115 strangles @ 2.41. Since I don’t mind keeping this for awhile I sold 115 puts for this Friday @ 1.50. These replace the worthless 90 puts and add quite a bit to the bottom line.
Position now is 115 straddles for Friday @ 3.91. Plan now is to wait and see. Might get lucky with the 115 strikes. If not, I’ll roll the ITM side out and up (or down) and continue selling weekly puts (or calls) against them. Continuing with TT experiment of keeping almost perpetual (small) positions on some popular stocks and just letting the market tell me what to do. Love it so far! Great premium with small margin.
Similar positions in CMG EWW GLD IBB IBM IWM REGN TLT WYNN XLE and will add APPL with an earnings strangle.
IBM?
Earnings today also. 6.25 expected move. 5 wide iron fly about 3.95 right now…no position yet although considering it for a strangle and then manage if needed.
WYNN adjustment
Rolled next week’s 108 short puts out to Nov 11 107’s for even. Continuing to sell weekly calls against them.
Short 100 calls expiring today (sold for 1.02)
Short 100 calls next week (sold for 1.27)
Still long a few deltas but don’t want to over hedge. Earnings coming up (Oct 27th) so should be sweet call premium available there.
IBB adjustment
Scalping a little and a delta adjustment against a Nov 265 put:
Sold IBB NOV 4 2016 280.0 Call @ 2.40
Should be some resistance up in that area…
XLE strangles
Just another tiny position…
Sold XLE NOV 18 2016 66.0/74.0 Strangles @ 1.16
OMM…finally pulled the trigger
My subscription is up for renewal after this week. I left my email at the bottom hoping some OMMers will contact me and I can let them know about “The Bistro”.
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#OffTopic – Well this is it. My last week at OMM. A bittersweet day since I was in the group of beta testers from the very beginning. Can’t believe how much I’ve learned from all the great traders here. Too many names to mention but I won’t hesitate to throw one out there.
@Iceman – Thanks for all your postings over the years and opening my eyes to an entire new spectrum of option trading. Changed everything! I’ll never forget watching you sell into that summer 2011 meltdown. I paper traded right along and it was incredible…thank you sir!
A special thanks to @DAN also. An incredible resource here, an incredible library of learning, and most of all a great teacher. Thank you for having us!
I’ll be moving my “website dollars” over to SMM at some point so I’ll be looking forward to seeing most everyone over there also.
Thanks again everyone and great trading!!
Fuzzball (Scott)
fokkrfuz at charter dot net
UVXY call spreads
Earlier today:
Sold UVXY JAN 20 2017 30.0/40.0 Bear call spreads @ 1.00
SVXY put ladder
Adding one…
Sold SVXY JAN 20 2017 45.0 Put @ 2.60
IBB leg out
Bought to Close IBB NOV 18 2016 310.0 Call @ .60
This was the call side of a strangle sold ( @ 5.15) earlier. Still plenty of time to sell this again on a bounce.
IWM strangle
Sold IWM NOV 18 2016 113.0/127.0 Strangles @ 1.60
REGN roll
Pretty aggressive (crazy? 🙂 ) here….rolling un-threatened call down into congestion for additional premium.
Rolled next week’s 410 call down to 380 @ 5.20 credit. This is against a 380 put…
Current position is 380 straddle @ 15.10. Have to see where she goes next week and adjust accordingly.
WYNN…still selling
Sold WYNN OCT 21 2016 100.0 Calls @ 1.30
Still selling weeklies against in the money puts. Similar to a covered call trade. Plan is to roll the puts out and down next week and keep selling the calls.
Position is now Oct monthly 108/100 inverted strangle @ 13.77 credit received.
Let’s say WYNN doesn’t get back to 108 for a year. Selling weeklies @ 1.25 a week for a year would bring breakeven down to about 30 bucks. The power of the weekly! Not bad for margin of 1300 per strangle….
UVXY Whaddya think about this?
Didn’t do it but seemed interesting for a cash secured account. Long term practically guaranteeing 30 percent annualized….
Sell Jan 2018 5/10 Bear call spreads @ 1.40.
Figure there’s got to be a split or two between now and then so probably could close early….
EWW first time ever
Been watching this for awhile and have been wanting to do something in it. Just missed selling puts on it before the first debate so trying something different.
Sold EWW NOV 18 2016 46.0/54.0 Strangles @ 1.32
VIX call spreads
Trying something a little different….
Sold VIX DEC 21 2016 20.0/25.0 Bear call spreads @ .80
/ES hedge adjustment
Sure looks like some technical damage today. Rolling my covered put out and down for a nice credit. Selling it about where the descending 20ma could be when we bounce. Raising basis AND increasing downside profit potential. Still have the option of rolling the put up for additional credit on any rally.
Bought to close /ES OCT 16 (Wk3) 2155 PUT @ 34.50
Sold /ES NOV 16 (Wk3) 2140 PUT @ 44.50
The short emini basis is now up to 2189.0 after selling some earlier weekly puts against it. That’s the new breakeven against the new 2140 put so max gain is now up to 49 points to the downside.
UVXY risk management
These aren’t getting hit too bad today but another down day tomorrow and volatility could really get cranking again. Gonna book these just because it seems like the right thing to do…LOL
Bought to Close UVXY OCT 21 2016 25.0/35.0 Bear calls spreads @ .19 (sold for 1.65)
UVXY call spreads
Replacing some I closed yesterday…starter position:
Sold UVXY JAN 20 2017 25.0/35.0 Bear call spreads @ 1.00
DUST…joining in
TDA has removed this ticker from portfolio margin calculations so naked is way too risky for me now. I’ll spread it and give it plenty of time…and staying small enough to be able to widen and add for a credit roll if this thing gets way in the money.
Sold DUST DEC 16 2016 60.0/70.0 Bear call spreads @ 2.05
GLD adjustment
Current position was 123 Oct monthly short straddles @ 2.48 (this was previously adjusted from a strangle). Making some small moves on it today to collect more premium.
Rolled 123 puts out to Nov 122 @ .12 credit
Rolled 123 calls down to 120 @ .83 credit (staying in Oct)
SVXY puts
Bought to Close SVXY OCT 21 2016 50.0 Put @ .15 (sold for 2.50)
Bought to Close SVXY OCT 21 2016 55.0 Put @ .25 (sold for 2.50)
Then:
Sold SVXY NOV 18 2016 50.0 Put @ .80
Sold SVXY NOV 18 2016 55.0 Put @ 1.40
IBB puts
In the #IRA ….selling at the 200ma and lower:
Sold IBB Nov 18 2016 270.0 Put @ 6.50
Sold IBB Dec 16 2016 260.0 Put @ 6.40
Sold IBB Jan 20 2017 250.0 Put @ 6.60
IBB strangle
Adding a new one to my stable of strangles…
Sold IBB NOV 18 2016 265.0/310.0 Strangle @ 5.15
UVXY call spreads
Bought to Close UVXY OCT 21 2016 40.0/50.0 Bear call spreads @ .02 (sold for 1.00)
Only a starter position that I never got a chance to add to…
AZO…anybody still in?
2 weeks to go….still need ‘er a little lower.
REGN roll down
Oct monthly 380/440 strangle originally sold for 7.50. Rolling down the un-threatened side to resistance.
Rolled 440 calls down to 410 for 2.37 credit. New position is now 380/410 strangle @ 9.87
WYNN
Still adjusting and still bringing in premium. I may never close some of these positions…LOL
Rolled 108 short puts out 2 weeks @ .20 credit.
Against those:
Sold WYNN OCT 14 2016 100.0 Calls @ 1.02
Replacing 98’s expiring today. The 98’s were a roll down from a little higher to capture even more premium. (2.21 to be exact) By rolling the ITM puts out I can now sell 2 sets of weeklies against them. Earnings on the 27th so premium should start increasing in that expiration.
GS short calls
Rolling 165 out 2 weeks and up to 167.5 @ .05 debit. Continuing to sell against a long term bullish position. Gradually reducing basis…
/ES covered put
Rolled this week’s 2165 covered put out to the monthly 2155 for 5.75 credit. Raising basis and making a little more room for some downside.
Whew….
Survived the hurricane now back and set up for the last hour. Only time for some rolls today…
@TravelinTrader are you on here?
?? Saw your question on OMM…I’ve often wondered the same thing. Still no answer but performance over there can’t be too hot…unless you go in big on the winners and small on the losers…LOL
/ES Eminis keeping the hedge on
Replacing the one expiring today…selling against short Dec futures.
SOLD /ES OCT 16 (Wk1) 2165 PUT @ 12.00
GS roll
Had this week’s 162.5 calls that were an aggressive roll down for a total of 1.85 credit for the week. Rolling them out and up to next week’s 165’s @ .50 credit. Short term sales against a long term 2018 position…
Should’ve closed those 162.5’s for 4 cents earlier this morning…grrr. Got greedy and cost myself at least 30 cents trying to make 4 cents.
NUGT…again
Rolled 18.5 short calls out another week for .75 credit. Still inverted against monthly 26 puts and still selling at a 3 call per 2 put ratio. I hope NUGT stays right here forever!
IBB…whew!
Happy I closed those Dec short puts a few days ago. Triple top sure held…looking to reload if we can beat this thing down to the 200ma.
VIX call spreads
Just for something a little different…
Sold VIX NOV 16 2016 20.0/25.0 Bear call spreads @ .70
CMG adjustment
Made money all the way down on the inverted roll now stepping it back up a little at a time for even…
Rolled CMG Sep 30th 415.0 call out and up to Oct 14th 422.5 call @ even.
Still inverted against a monthly 435.0 put. Inverted by 12.50 but premium received so far of 23.85. I’ll get one more chance to roll it into the same week as the put then earnings are the week after that. Plenty of time and opportunity for very profitable rolling on a low margin low risk position.
WYNN adjustment
This has turned out to be a really fun trade….especially after DR closed the original idea for losses.
Bought to close WYNN Sep 30th 103/108 Bear calls spreads @ .30. I’m booking these…after the rolls accumulated premium was 4.05.
This left 108 naked puts for this Friday so:
Rolled 108 puts out to next Friday @ .44 credit (4.40 credit received so far) and:
Sold WYNN OCT 7 2016 105.0 Calls @ 1.02
Now position is 108/105 inverted strangle that has an accumulated value of 5.42. So instead of closing for a loss this WYNN position has brought in almost 9.50 in premium in just a few weeks while only using about 1300 margin per strangle.
Fuzzy happy! 🙂
/ES again….let’s see if the 50ma holds
SOLD /ES @ 2151.00
SOLD /ES SEP 16 (EOM) 2150.0 Put @ 10.25
Max gain of 11.25 points and breakeven at 2161.25 (just below the 50)
Otherwise, sell another weekly next week for about 15 points….
GLD starter
Looking at this as a longer term position to trade around so starting with a fairly wide strangle…pretty liquid with decent premium and weeklies. Staying small!
Sold GLD OCT 21 2016 123.0/129.0 strangles @ 1.33
TLT roll
Rolled Oct monthly 133 puts up to 137 for .95 credit. Position is now 137 straddle for 2.85 credit. One side has to expire then adjust accordingly after that.
GS adjustment
Taking a fairly aggressive shot here betting overhead resistance will be strong. If not, I may have to give this all back on the roll to next week…
Rolled this week’s 167.5 short calls down to 162.5 for .90 credit. Of course I did it right before the consumer confidence number came out.
/ES hedge
Taking it off at about 80 percent of max profit. This was a short future against a short put sold last Thursday… I’ll be looking to sell it again on any strength.
Bought to close /ES @2142.50 (sold for 2168.75)
Bought to close /ES SEP 16 (EOM) 2170.0 Put @30.25 (sold for 12.75)
Max gain on the trade was 11 points and closed for 8.75 gain.
IBB….book ’em
Only in these for one week and three weeks. IBB at resistance and more than 50 percent of max gain already achieved so taking them off. Debate Monday night might put drug companies back in the spotlight so could possibly get a chance to sell ’em again with 84 days still left.
Bought to close IBB DEC 16 2016 250.0 Put @ 2.50 (sold for 5.70)
Bought to close IBB DEC 16 2016 260.0 Put @ 3.60 (sold for 7.70)
GS calls
Sold GS SEP 30 2016 167.5 Calls @ .95
Replacing this week’s expiration…covered by long Leap calls.
NUGT roll
Still rolling this inverted position and still collecting nice weekly premium…
Rolled Sep 23 18.5 calls out to Sep 30 18.5 @ .34 credit.
These are against Oct monthly 26 puts at a 3/2 ratio now (3 calls per 2 puts). Considering on my next roll going out to Oct monthly and higher to hopefully get the calls to expire. At that point I could do an aggressive roll down of the ITM puts to strangles. That would be a big step in finally getting out of this. In the meantime…cash coming in every week.
/ES Eminis…just dabbling with a little hedge
Sold /ES @ 2168.75
Sold /ES Sep 30 (EOM) 2170.0 Put @ 12.75
These trade at 50 dollars per point:
Max gain to the downside of 11.50 ($575)
Breakeven to the upside of 2181.50 where I would then roll up the puts or sell them again if it looks toppy.
WYNN adjustment
I’ll try to keep it short…LOL
Had 108/103 BuPS this week against next week 103/108 Becs. On the pullback sold to close this week 103 long puts @ 1.83. Also rolled short 108 puts to next week 108 puts @ .46 credit.
This leaves next week:
103/108 Bear call spreads against 108 naked puts. All together credit received of 8.30. Either we rally up through 108 and Becs is max loss and naked puts are worthless for 3.30 net gain OR we tank and BeCS goes out worthless and still have naked puts at about 99.70 basis. At that point I would probably sell bear call spreads again.
Still no regrets on trying to turn the DR loser into a winner!
CMG adjustment
Rolled this week’s 407.5 call out to next week 415.0 @ .25 credit.
This is inverted against an Oct 435 put. Total credit received so far of 23.85. Still bullish here. Ideal position price would be up near 435 by Oct expiration with calls rolled up to near a strangle.
REGN playing it safe
Bought to Close REGN SEP 23 2016 400/375 Bull put spread @ 1.15 (sold for 5.15 last Friday)
Replacing it with:
Sold REGN OCT 21 2016 380.0/440.0 Strangle @ 7.50
SRPT
Wow!
VXX bearish double vertical
Slow day but did get a fill this morning.
Sold to close Sep 23 41/42 BeCS and 38/37 BePS @ .51 (originally sold for .04 Friday)
Technically it was a “buy to open” and a “sell to close” except the buy side was done for a .04 credit. (total gain of .55)
VIX SVXY UVXY VXX
Sucking volatility out now…
WYNN iron condor rolls on…
Posted sometime this week:
TGO WYNN iron condor
A couple weeks ago DR put on a Sep 30th 75/80/105/110 iron condor @ .88 (I missed it so ended up using 103/108 on the call side). Since then WYNN has gone straight up so I kept thinking an adjustment would get sent out…DR has a 2 hour webinar on adjustments that I haven’t watched yet so I was expecting some magic this morning in the briefing. He basically advised that it wasn’t working so close it for the loss. I suggested maybe selling a slightly higher put spread to maybe recoup some of the loss but no go…guess I can’t argue with his logic but here’s what I’ve been doing…call me hard headed (or stupid…LOL)
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Sold Sep 30th 75/80/103/108 @ .88 credit
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Rolled 80 puts up to 95 @ 1.40 credit
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Rolled 95 puts to this week 101 @ .29 credit
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Rolled this week 101 puts up to 103 @ .84 credit
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Rolled 103 puts up to 107 @ 1.05 credit
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I’ve now collected 4.46 in premium with a max loss of 5.00 on the call side. Still 2 more weeks to sell. If these 107’s expire I’m considering just selling the Sep 30th 108/103 put spread @ 1.65. This would be exactly inverted against the calls giving me a total of 6.11 in premium basically locking in a profit greater than the original .88.
We shall see…
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Update:
Looks like the 107 puts will expire locking in all the roll up profits from the last 2 weeks. So today:
Sold WYNN SEP 23 2016 108.0/103.0 Bull put spreads @ 1.60
These are sold against the Sep 30th 103.0/108.0 Bear call spreads. I’m trying to squeeze an extra week out of this put side hoping to sell ’em again the following. Looks kinda strange having same strikes for both spreads but…total premium is now up to 5.95 so worse case one side will expire at max loss and I’ll pocket the remaining .95. Ideally WYNN will stay above 108 and I’ll sell this same put spread next week turning a potential losing iron condor into about a 2.50 winner. I’ll take it considering the original condor was only worth about 90 cents.
PS… @elitethink: DR is Doug Robertson. A partner at TGO. I felt he was too willing to give up on this trade and book the loss so I went rogue! LOL
GS revisited
Aw crap guys…was typing and trading in the airport terminal from my Note 7 (gulp) all morning but just got home and fired up the computer. Now with everything right in front of me here’s the trade using my actual fills. I forgot all about the buying of the “disaster” puts. Adds small cost but a lot of protection to the trade. Told ya this is all new for me!
Bought Jan 2018 130 calls @ 43.60
Bought Jan 2018 130 puts @ 6.87
Sold Sep 16 2016 70 calls @ .65
LEAPS are currently showing down 380 dollars (thanks to long puts) and short calls brought in 325 so trade is down a net of 55 bucks even though the stock is down a little since I opened it. So far so good…
Going all in on no hike next week:
Sold GS SEP 23 2016 167.5 Calls @ 1.35
NUGT calls
Replacing a batch expiring today…still fighting my way out of this last split.
Sold NUGT SEP 23 2016 18.5 Calls @ 1.32
Selling these against DITM Oct 26 puts at a 2 for 1 ratio. Used about half the proceeds for this:
Bought to Close NUGT OCT 21 2016 26.0 Put @ 9.30
Considering rolling some of the Oct 26 strike puts out to Nov strangles at much lower strikes…is that a feasible idea?
GS calendar covered calls
Bought to Close GS SEP 16 2016 170.0 Calls @ .01 (sold for .65)
Selling these every week against Jan 2018 130 calls…only need about 60 cents a week to pay for the calls. I’ll eventually close the whole thing when Aunt Janet raises and banks get a boost.
ORCL earnings experiment
Closed for .15 credit. Lost .04 so wishing I hadn’t raised the strikes a half point from the original trade. Needed a buck up instead of down. Regular old iron fly would’ve been the play…
NVAX….gulp!
$NVAX – Wow!
$IBB holdings:
Novavax 0.39% $28,428,369
$IBB on sale tomorrow?
TGO WYNN iron condor
A couple weeks ago DR put on a Sep 30th 75/80/105/110 iron condor @ .88 (I missed it so ended up using 103/108 on the call side). Since then WYNN has gone straight up so I kept thinking an adjustment would get sent out…DR has a 2 hour webinar on adjustments that I haven’t watched yet so I was expecting some magic this morning in the briefing. He basically advised that it wasn’t working so close it for the loss. I suggested maybe selling a slightly higher put spread to maybe recoup some of the loss but no go…guess I can’t argue with his logic but here’s what I’ve been doing…call me hard headed (or stupid…LOL)
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Sold Sep 30th 75/80/103/108 @ .88 credit
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Rolled 80 puts up to 95 @ 1.40 credit
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Rolled 95 puts to this week 101 @ .29 credit
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Rolled this week 101 puts up to 103 @ .84 credit
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Rolled 103 puts up to 107 @ 1.05 credit
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I’ve now collected 4.46 in premium with a max loss of 5.00 on the call side. Still 2 more weeks to sell. If these 107’s expire I’m considering just selling the Sep 30th 108/103 put spread @ 1.65. This would be exactly inverted against the calls giving me a total of 6.11 in premium basically locking in a profit greater than the original .88.
We shall see…
TLT roll
Currently short some Oct. 133/145 strangles @ 1.06. The 145 call is pretty much worthless so rolling it down into the overhead supply resistance for additional credit.
Rolled Oct monthly 145 calls down to 137 for .85 credit.
REGN aggressive
She’s poking her head up through the 50 but banging her head on the 200. Counting on Aunt Jane to give the market a boost next week. Plenty of options to roll this thing if needed…
Sold REGN SEP 23 2016 400.0/370.0 BuPS @ 5.15
REGN BuPS
This has been in and out of trouble all month. Getting out while I can. May sell the same one for next week. Closing just the short side…
Bought to close REGN SEP 16 2016 400.0/375.0 BuPS @ 1.80 (sold for 5.20)
ORCL…interesting earnings trade
Sell Sep 16th 39/42 strangle
Buy Oct 14th 39/42 strangle
.55 debit which would be max loss. Basically selling higher IV and buying lower IV for protection. Doug says with near term IV collapse the trade will make money up to about twice the expected move. I prefer buying next week for protection. IV collapse in the long protection is a little higher than Oct 14 but can get the trade on for about .20 debit.
I’ll throw 5 contracts at it and see how it goes.
Going with this for .20 debit:
Sell Sep 16th 39/42 strangle
Buy Sep 23rd 39/42 strangle
CMG adjustment
Just rolling around collecting premium…
Rolled Sep 440 put to Oct 435 @ 2.41 credit.
I’ll continue selling weekly calls against this. With a 435 call expiring Friday total premium is up to 18.10 on 5500 margin…
Options Bistro 